Major Tory donor tells BBC he is voting Labour

Mr Caudwell said he had donated to the Conservatives in 2019 “because I couldn’t possibly stand a Corbyn government, and I am still of exactly the same view there.”

He praised Sir Keir’s attempts to get rid of what he called “the loony Left” which he claimed had focused on “extreme socialist policies”, instead of “creating a wealthy Britain”.

“We can’t tax rich people in order to help the poor because they’ll go off to Monaco and other places, we have to create real genuine wealth.”

He added that “I hope to goodness I am right in my judgement and they make Britain great again.”

The entrepreneur – who the Sunday Times Rich List recently claimed was worth £1.537bn – said “my thoughts on Labour historically were very negative” and “it took a lot of me soul searching” to get to the point of being comfortable with the idea of voting Labour.

John Caudwell has been increasingly critical of the Conservatives in recent months and is particularly outspoken about the prime minister.

“Everything he did within COVID was wrong. He paid people for furlough which was all or nothing. He gave them too much in the wrong way.

“The criticisms that I made of Rishi during his chancellorship, I think were pretty much evidenced in the D Day situation,” which he claimed showed “a complete lack of judgement.”

He said “until a few months ago I was voteless” but he had met Sir Keir and Sir Tony Blair in January, and saw the Labour leader again last Friday after the publication of the party’s manifesto.

He has not given any money to the Labour Party but said “it is quite possible” he would in the future “if I think they have done an amazing job.”

Giving his reaction, Sir Keir said: “I’m delighted that John, someone with such a successful track-record in business, has today thrown his support behind the changed Labour Party that I lead.”